| | ||||||||||||||||||||||||||||
Title of Each Class of
Securities to be Registered |
| | |
Amount to
be Registered(1) |
| | |
Proposed Maximum
Offering Price Per Share |
| | |
Proposed Maximum
Aggregate Offering Price |
| | |
Amount of
Registration Fee(2) |
| ||||||||||||
Class A Common Stock, par value $0.01 per share
|
| | | | | 4,563,493 | | | | | | $ | 63.00 | | | | | | $ | 287,500,059 | | | | | | $ | 31,366.26 | | |
| | |
Per Share
|
| |
Total
|
| ||||||
Public offering price
|
| | | $ | 63.00 | | | | | $ | 250,000,065 | | |
Underwriting discounts and commissions(1)
|
| | | $ | 3.15 | | | | | $ | 12,500,003 | | |
Proceeds, before offering expenses, to us
|
| | | $ | 59.85 | | | | | $ | 237,500,062 | | |
| Goldman Sachs & Co. LLC | | |
Keefe, Bruyette & Woods
A Stifel Company |
| |
Canaccord Genuity
|
|
| Compass Point | | |
Craig-Hallum
|
|
| | | | | S-ii | | | |
| | | | | S-1 | | | |
| | | | | S-16 | | | |
| | | | | S-17 | | | |
| | | | | S-19 | | | |
| | | | | S-22 | | | |
| | | | | S-23 | | | |
| | | | | S-24 | | | |
| | | | | S-25 | | | |
| | | | | S-26 | | | |
| | | | | S-30 | | | |
| | | | | S-35 | | | |
| | | | | S-35 | | | |
| | | | | S-35 | | | |
| | | | | S-36 | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 4 | | | |
| | | | | 4 | | | |
| | | | | 5 | | | |
| | | | | 6 | | | |
| | | | | 6 | | | |
| | | | | 6 | | | |
| | | | | 6 | | | |
| | | | | 9 | | | |
| | | | | 10 | | | |
| | | | | 18 | | | |
| | | | | 19 | | | |
| | | | | 20 | | | |
| | | | | 20 | | | |
| | | | | 21 | | | |
| | | | | 21 | | | |
| | | | | 21 | | |
| | |
As of or for the Three Months Ended
|
| |||||||||||||||
Financial Highlights
|
| |
December 31,
2020 |
| |
September 30,
2020 |
| |
December 31,
2019 |
| |||||||||
| | |
(Dollars in thousands, except per share data)
|
| |||||||||||||||
Net income
|
| | | $ | 9,119 | | | | | $ | 7,060 | | | | | $ | 3,598 | | |
Diluted earnings per share
|
| | | $ | 0.47 | | | | | $ | 0.37 | | | | | $ | 0.19 | | |
Return on average assets (ROAA)(1)
|
| | | | 1.14% | | | | | | 1.13% | | | | | | 0.67% | | |
Return on average equity (ROAE)(1)
|
| | | | 12.60% | | | | | | 10.14% | | | | | | 6.08% | | |
Net interest margin(1)(2)
|
| | | | 2.85% | | | | | | 3.19% | | | | | | 2.97% | | |
Cost of deposits(1)(3)
|
| | | | 0.01% | | | | | | 0.01% | | | | | | 0.84% | | |
Cost of funds(1)(3)
|
| | | | 0.04% | | | | | | 0.07% | | | | | | 0.94% | | |
Efficiency ratio(4)
|
| | | | 65.87% | | | | | | 61.74% | | | | | | 72.81% | | |
Total assets
|
| | | $ | 5,586,235 | | | | | $ | 2,620,573 | | | | | $ | 2,128,127 | | |
Total deposits
|
| | | $ | 5,248,026 | | | | | $ | 2,281,108 | | | | | $ | 1,814,654 | | |
Book value per share
|
| | | $ | 15.63 | | | | | $ | 15.18 | | | | | $ | 12.38 | | |
Tier 1 leverage ratio
|
| | | | 8.29% | | | | | | 10.36% | | | | | | 11.23% | | |
Total risk-based capital ratio
|
| | | | 23.49% | | | | | | 24.68% | | | | | | 26.90% | | |
| | |
Year Ended December 31,
|
| |||||||||
Financial Highlights
|
| |
2020
|
| |
2019
|
| ||||||
| | |
(Dollars in thousands, except per share data)
|
| |||||||||
Net income(5)
|
| | | $ | 26,038 | | | | | $ | 24,846 | | |
Diluted earnings per share
|
| | | $ | 1.36 | | | | | $ | 1.35 | | |
Return on average assets (ROAA)
|
| | | | 1.03% | | | | | | 1.19% | | |
Adjusted return on average assets (ROAA)(5)
|
| | | | 1.03% | | | | | | 1.00% | | |
Return on average equity (ROAE)
|
| | | | 9.78% | | | | | | 11.54% | | |
Adjusted return on average equity (ROAE)(5)
|
| | | | 9.78% | | | | | | 9.71% | | |
Net interest margin(2)
|
| | | | 3.00% | | | | | | 3.47% | | |
Cost of deposits(3)
|
| | | | 0.27% | | | | | | 0.43% | | |
Cost of funds(3)
|
| | | | 0.32% | | | | | | 0.54% | | |
Efficiency ratio(4)
|
| | | | 65.11% | | | | | | 60.52% | | |
Adjusted efficiency ratio(4)(5)
|
| | | | 65.11% | | | | | | 64.63% | | |
| | |
Three Months Ended
|
| |||||||||||||||
| | |
December 31,
2020 |
| |
September 30,
2020 |
| |
December 31,
2019 |
| |||||||||
| | |
(Dollars in millions)
|
| |||||||||||||||
# SEN Transactions
|
| | | | 90,763 | | | | | | 68,361 | | | | | | 14,400 | | |
$ Volume of SEN Transfers
|
| | | $ | 59,227 | | | | | $ | 36,663 | | | | | $ | 9,607 | | |
| | |
Three Months Ended
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
December 31, 2020
|
| |
September 30, 2020
|
| |
December 31, 2019
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Average
Outstanding Balance |
| |
Interest
Income/ Expense |
| |
Average
Yield/ Rate |
| |
Average
Outstanding Balance |
| |
Interest
Income/ Expense |
| |
Average
Yield/ Rate |
| |
Average
Outstanding Balance |
| |
Interest
Income/ Expense |
| |
Average
Yield/ Rate |
| |||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest earning deposits
in other banks |
| | | $ | 689,385 | | | | | $ | 314 | | | | | | 0.18% | | | | | $ | 245,855 | | | | | $ | 196 | | | | | | 0.32% | | | | | $ | 165,685 | | | | | $ | 685 | | | | | | 1.64% | | |
Taxable securities
|
| | | | 671,209 | | | | | | 3,548 | | | | | | 2.10% | | | | | | 679,277 | | | | | | 3,746 | | | | | | 2.19% | | | | | | 905,399 | | | | | | 6,117 | | | | | | 2.68% | | |
Tax-exempt securities(1)
|
| | | | 266,158 | | | | | | 2,173 | | | | | | 3.25% | | | | | | 267,511 | | | | | | 2,177 | | | | | | 3.24% | | | | | | — | | | | | | — | | | | | | — | | |
Loans(2)(3)
|
| | | | 1,474,893 | | | | | | 16,374 | | | | | | 4.42% | | | | | | 1,209,884 | | | | | | 13,527 | | | | | | 4.45% | | | | | | 1,008,987 | | | | | | 13,076 | | | | | | 5.14% | | |
Other
|
| | | | 15,331 | | | | | | 255 | | | | | | 6.62% | | | | | | 15,112 | | | | | | 116 | | | | | | 3.05% | | | | | | 10,744 | | | | | | 234 | | | | | | 8.64% | | |
Total interest earning assets
|
| | | | 3,116,976 | | | | | | 22,664 | | | | | | 2.89% | | | | | | 2,417,639 | | | | | | 19,762 | | | | | | 3.25% | | | | | | 2,090,815 | | | | | | 20,112 | | | | | | 3.82% | | |
Noninterest earning assets
|
| | | | 66,477 | | | | | | | | | | | | | | | | | | 68,327 | | | | | | | | | | | | | | | | | | 46,708 | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 3,183,453 | | | | | | | | | | | | | | | | | $ | 2,485,966 | | | | | | | | | | | | | | | | | $ | 2,137,523 | | | | | | | | | | | | | | |
Liabilities and Shareholders’ Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest bearing liabilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest bearing deposits
|
| | | $ | 114,782 | | | | | $ | 47 | | | | | | 0.16% | | | | | $ | 108,755 | | | | | $ | 57 | | | | | | 0.21% | | | | | $ | 449,985 | | | | | $ | 3,793 | | | | | | 3.34% | | |
FHLB advances and other borrowings
|
| | | | 7,098 | | | | | | — | | | | | | — | | | | | | 124,886 | | | | | | 65 | | | | | | 0.21% | | | | | | 85,451 | | | | | | 419 | | | | | | 1.95% | | |
Subordinated debentures
|
| | | | 15,829 | | | | | | 253 | | | | | | 6.36% | | | | | | 15,825 | | | | | | 257 | | | | | | 6.46% | | | | | | 15,815 | | | | | | 270 | | | | | | 6.77% | | |
Total interest bearing liabilities
|
| | | | 137,709 | | | | | | 300 | | | | | | 0.87% | | | | | | 249,466 | | | | | | 379 | | | | | | 0.60% | | | | | | 551,251 | | | | | | 4,482 | | | | | | 3.23% | | |
| | |
Three Months Ended
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
December 31, 2020
|
| |
September 30, 2020
|
| |
December 31, 2019
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Average
Outstanding Balance |
| |
Interest
Income/ Expense |
| |
Average
Yield/ Rate |
| |
Average
Outstanding Balance |
| |
Interest
Income/ Expense |
| |
Average
Yield/ Rate |
| |
Average
Outstanding Balance |
| |
Interest
Income/ Expense |
| |
Average
Yield/ Rate |
| |||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing liabilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Noninterest bearing deposits
|
| | | | 2,732,692 | | | | | | | | | | | | | | | | | | 1,935,661 | | | | | | | | | | | | | | | | | | 1,335,186 | | | | | | | | | | | | | | |
Other liabilities
|
| | | | 25,143 | | | | | | | | | | | | | | | | | | 23,860 | | | | | | | | | | | | | | | | | | 16,274 | | | | | | | | | | | | | | |
Shareholders’ equity
|
| | | | 287,909 | | | | | | | | | | | | | | | | | | 276,979 | | | | | | | | | | | | | | | | | | 234,812 | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity
|
| | | $ | 3,183,453 | | | | | | | | | | | | | | | | | $ | 2,485,966 | | | | | | | | | | | | | | | | | $ | 2,137,523 | | | | | | | | | | | | | | |
Net interest spread(4)
|
| | | | | | | | | | | | | | | | 2.02% | | | | | | | | | | | | | | | | | | 2.65% | | | | | | | | | | | | | | | | | | 0.59% | | |
Net interest income, taxable equivalent
basis |
| | | | | | | | | $ | 22,364 | | | | | | | | | | | | | | | | | $ | 19,383 | | | | | | | | | | | | | | | | | $ | 15,630 | | | | | | | | |
Net interest margin(5)
|
| | | | | | | | | | | | | | | | 2.85% | | | | | | | | | | | | | | | | | | 3.19% | | | | | | | | | | | | | | | | | | 2.97% | | |
Reconciliation to reported net interest income:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjustments for taxable equivalent basis
|
| | | | | | | | | | (456) | | | | | | | | | | | | | | | | | | (457) | | | | | | | | | | | | | | | | | | — | | | | | | | | |
Net interest income, as reported
|
| | | | | | | | | $ | 21,908 | | | | | | | | | | | | | | | | | $ | 18,926 | | | | | | | | | | | | | | | | | $ | 15,630 | | | | | | | | |
|
| | |
Three Months Ended
|
| |||||||||||||||
| | |
December 31,
2020 |
| |
September 30,
2020 |
| |
December 31,
2019 |
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Noninterest income: | | | | | | | | | | | | | | | | | | | |
Mortgage warehouse fee income
|
| | | $ | 949 | | | | | $ | 758 | | | | | $ | 388 | | |
Service fees related to off-balance sheet deposits
|
| | | | — | | | | | | 1 | | | | | | 183 | | |
Deposit related fees
|
| | | | 3,844 | | | | | | 3,293 | | | | | | 1,487 | | |
Gain on sale of securities, net
|
| | | | — | | | | | | — | | | | | | 740 | | |
(Loss) gain on sale of loans, net
|
| | | | — | | | | | | (96) | | | | | | 235 | | |
Other income
|
| | | | 55 | | | | | | 8 | | | | | | 97 | | |
Total noninterest income
|
| | | $ | 4,848 | | | | | $ | 3,964 | | | | | $ | 3,130 | | |
| | |
Three Months Ended
|
| |||||||||||||||
| | |
December 31,
2020 |
| |
September 30,
2020 |
| |
December 31,
2019 |
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Noninterest expense: | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits
|
| | | $ | 9,637 | | | | | $ | 8,899 | | | | | $ | 8,773 | | |
Occupancy and equipment
|
| | | | 3,044 | | | | | | 845 | | | | | | 861 | | |
Communications and data processing
|
| | | | 1,443 | | | | | | 1,389 | | | | | | 1,149 | | |
Professional services
|
| | | | 1,163 | | | | | | 1,207 | | | | | | 1,198 | | |
Federal deposit insurance
|
| | | | 658 | | | | | | 209 | | | | | | 33 | | |
Correspondent bank charges
|
| | | | 410 | | | | | | 403 | | | | | | 323 | | |
Other loan expense
|
| | | | 45 | | | | | | 60 | | | | | | 122 | | |
Other general and administrative
|
| | | | 1,225 | | | | | | 1,121 | | | | | | 1,201 | | |
Total noninterest expense
|
| | | $ | 17,625 | | | | | $ | 14,133 | | | | | $ | 13,660 | | |
| | |
Three Months Ended
|
| |||||||||||||||||||||||||||||||||
| | |
December 31, 2020
|
| |
September 30, 2020
|
| |
December 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Average
Balance |
| |
Average
Rate |
| |
Average
Balance |
| |
Average
Rate |
| |
Average
Balance |
| |
Average
Rate |
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Noninterest bearing demand accounts
|
| | | $ | 2,732,692 | | | | | | — | | | | | $ | 1,935,661 | | | | | | — | | | | | $ | 1,335,186 | | | | | | — | | |
Interest bearing accounts:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest bearing demand accounts
|
| | | | 41,968 | | | | | | 0.17% | | | | | | 41,871 | | | | | | 0.10% | | | | | | 50,095 | | | | | | 0.13% | | |
Money market and savings accounts
|
| | | | 71,871 | | | | | | 0.15% | | | | | | 65,646 | | | | | | 0.25% | | | | | | 83,199 | | | | | | 1.00% | | |
Certificates of deposit:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Brokered certificates of deposit
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 314,262 | | | | | | 4.49% | | |
Other
|
| | | | 943 | | | | | | 0.84% | | | | | | 1,238 | | | | | | 0.96% | | | | | | 2,429 | | | | | | 1.23% | | |
Total interest bearing deposits
|
| | | | 114,782 | | | | | | 0.16% | | | | | | 108,755 | | | | | | 0.21% | | | | | | 449,985 | | | | | | 3.34% | | |
Total deposits
|
| | | $ | 2,847,474 | | | | | | 0.01% | | | | | $ | 2,044,416 | | | | | | 0.01% | | | | | $ | 1,785,171 | | | | | | 0.84% | | |
| | |
December 31, 2020
|
| |
September 30, 2020
|
| |
December 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Number of
Customers |
| |
Total
Deposits(1) |
| |
Number of
Customers |
| |
Total
Deposits(1) |
| |
Number of
Customers |
| |
Total
Deposits(1) |
| ||||||||||||||||||
| | |
(Dollars in millions)
|
| |||||||||||||||||||||||||||||||||
Digital currency exchanges
|
| | | | 76 | | | | | $ | 2,479 | | | | | | 69 | | | | | $ | 729 | | | | | | 60 | | | | | $ | 527 | | |
Institutional investors
|
| | | | 607 | | | | | | 1,811 | | | | | | 599 | | | | | | 850 | | | | | | 509 | | | | | | 432 | | |
Other customers
|
| | | | 286 | | | | | | 749 | | | | | | 260 | | | | | | 515 | | | | | | 235 | | | | | | 286 | | |
Total
|
| | | | 969 | | | | | $ | 5,039 | | | | | | 928 | | | | | $ | 2,095 | | | | | | 804 | | | | | $ | 1,246 | | |
| | |
December 31,
2020 |
| |
September 30,
2020 |
| |
December 31,
2019 |
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Real estate loans:
|
| | | | | | | | | | | | | | | | | | |
One-to-four family
|
| | | $ | 187,855 | | | | | $ | 209,040 | | | | | $ | 193,367 | | |
Multi-family
|
| | | | 77,126 | | | | | | 72,714 | | | | | | 81,233 | | |
Commercial
|
| | | | 301,901 | | | | | | 316,653 | | | | | | 331,052 | | |
Construction
|
| | | | 6,272 | | | | | | 13,854 | | | | | | 7,213 | | |
Commercial and industrial
|
| | | | 78,909 | | | | | | 25,951 | | | | | | 14,440 | | |
Consumer and other
|
| | | | 162 | | | | | | 5,559 | | | | | | 122 | | |
Reverse mortgage
|
| | | | 1,333 | | | | | | 1,322 | | | | | | 1,415 | | |
| | |
December 31,
2020 |
| |
September 30,
2020 |
| |
December 31,
2019 |
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Mortgage warehouse
|
| | | | 97,903 | | | | | | 94,684 | | | | | | 39,247 | | |
Total gross loans held-for-investment
|
| | | | 751,461 | | | | | | 739,777 | | | | | | 668,089 | | |
Deferred fees, net
|
| | | | 2,206 | | | | | | 2,843 | | | | | | 2,724 | | |
Total loans held-for-investment
|
| | | | 753,667 | | | | | | 742,620 | | | | | | 670,813 | | |
Allowance for loan losses
|
| | | | (6,916) | | | | | | (6,763) | | | | | | (6,191) | | |
Loans held-for-investment, net
|
| | | | 746,751 | | | | | | 735,857 | | | | | | 664,622 | | |
Loans held-for-sale
|
| | | | 865,961 | | | | | | 665,842 | | | | | | 375,922 | | |
Total loans
|
| | | $ | 1,612,712 | | | | | $ | 1,401,699 | | | | | $ | 1,040,544 | | |
|
Asset Quality
|
| |
December 31,
2020 |
| |
September 30,
2020 |
| |
December 31,
2019 |
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Nonperforming Assets: | | | | | | | | | | | | | | | | | | | |
Nonperforming loans
|
| | | $ | 4,982 | | | | | $ | 4,107 | | | | | $ | 5,909 | | |
Troubled debt restructurings
|
| | | $ | 1,525 | | | | | $ | 1,572 | | | | | $ | 1,791 | | |
Other real estate owned, net
|
| | | | — | | | | | $ | 27 | | | | | $ | 128 | | |
Nonperforming assets
|
| | | $ | 4,982 | | | | | $ | 4,134 | | | | | $ | 6,037 | | |
Asset Quality Ratios: | | | | | | | | | | | | | | | | | | | |
Nonperforming assets to total assets
|
| | | | 0.09% | | | | | | 0.16% | | | | | | 0.28% | | |
Nonperforming loans to gross loans(1)
|
| | | | 0.66% | | | | | | 0.56% | | | | | | 0.88% | | |
Nonperforming assets to gross loans and other real estate owned(1)
|
| | | | 0.66% | | | | | | 0.56% | | | | | | 0.90% | | |
Net charge-offs (recoveries) to average total loans(1)
|
| | | | 0.00% | | | | | | 0.00% | | | | | | 0.01% | | |
Allowance for loan losses to gross loans(1)
|
| | | | 0.92% | | | | | | 0.91% | | | | | | 0.93% | | |
Allowance for loan losses to nonperforming loans
|
| | | | 138.82% | | | | | | 164.67% | | | | | | 104.77% | | |
| | |
Loan Balance
At Period End |
| |
Percentage of
Loan Portfolio Balance |
| ||||||
| | |
(Dollars in thousands)
|
| |||||||||
COVID-19 related modifications: | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | |
One-to-four family
|
| | | $ | 6,185 | | | | | | 0.8% | | |
Retail
|
| | | | 10,368 | | | | | | 1.4% | | |
Hospitality
|
| | | | 39,544 | | | | | | 5.3% | | |
Office
|
| | | | 7,767 | | | | | | 1.0% | | |
Total commercial
|
| | | | 57,679 | | | | | | 7.7% | | |
Total modifications outstanding
|
| | | $ | 63,864 | | | | | | 8.5% | | |
Capital Ratios(1)
|
| |
December 31,
2020 |
| |
September 30,
2020 |
| |
December 31,
2019 |
| |||||||||
The Company | | | | | | | | | | | | | | | | | | | |
Tier 1 leverage ratio
|
| | | | 8.29% | | | | | | 10.36% | | | | | | 11.23% | | |
Common equity tier 1 capital ratio
|
| | | | 21.53% | | | | | | 22.58% | | | | | | 24.52% | | |
Tier 1 risk-based capital ratio
|
| | | | 22.88% | | | | | | 24.03% | | | | | | 26.21% | | |
Total risk-based capital ratio
|
| | | | 23.49% | | | | | | 24.68% | | | | | | 26.90% | | |
Common equity to total assets
|
| | | | 5.27% | | | | | | 10.83% | | | | | | 10.86% | | |
Capital Ratios(1)
|
| |
December 31,
2020 |
| |
September 30,
2020 |
| |
December 31,
2019 |
| |||||||||
The Bank | | | | | | | | | | | | | | | | | | | |
Tier 1 leverage ratio
|
| | | | 8.22% | | | | | | 9.84% | | | | | | 10.52% | | |
Common equity tier 1 capital ratio
|
| | | | 22.71% | | | | | | 22.82% | | | | | | 24.55% | | |
Tier 1 risk-based capital ratio
|
| | | | 22.71% | | | | | | 22.82% | | | | | | 24.55% | | |
Total risk-based capital ratio
|
| | | | 23.32% | | | | | | 23.47% | | | | | | 25.24% | | |
| | |
Year Ended
December 31, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(Dollars in thousands)
|
| |||||||||
Net income | | | | | | | | | | | | | |
Net income, as reported
|
| | | $ | 26,038 | | | | | $ | 24,846 | | |
Adjustments:
|
| | | | | | | | | | | | |
Gain on sale of branch, net
|
| | | | — | | | | | | (5,509) | | |
Tax effect(1)
|
| | | | — | | | | | | 1,574 | | |
Adjusted net income
|
| | | $ | 26,038 | | | | | $ | 20,911 | | |
Noninterest income / average assets | | | | | | | | | | | | | |
Noninterest income
|
| | | $ | 19,177 | | | | | $ | 15,754 | | |
Adjustments:
|
| | | | | | | | | | | | |
Gain on sale of branch, net
|
| | | | — | | | | | | (5,509) | | |
Adjusted noninterest income
|
| | | | 19,177 | | | | | | 10,245 | | |
Average assets
|
| | | | 2,517,037 | | | | | | 2,082,007 | | |
Noninterest income / average assets, as reported
|
| | | | 0.76% | | | | | | 0.76% | | |
Adjusted noninterest income / average assets
|
| | | | 0.76% | | | | | | 0.49% | | |
| | |
Year Ended
December 31, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(Dollars in thousands)
|
| |||||||||
Return on average assets (ROAA) | | | | | | | | | | | | | |
Adjusted net income
|
| | | $ | 26,038 | | | | | $ | 20,911 | | |
Average assets
|
| | | | 2,517,037 | | | | | | 2,082,007 | | |
Return on average assets (ROAA), as reported
|
| | | | 1.03% | | | | | | 1.19% | | |
Adjusted return on average assets
|
| | | | 1.03% | | | | | | 1.00% | | |
Return on average equity (ROAE) | | | | | | | | | | | | | |
Adjusted net income
|
| | | $ | 26,038 | | | | | $ | 20,911 | | |
Average equity
|
| | | | 266,195 | | | | | | 215,338 | | |
Return on average equity (ROAE), as reported
|
| | | | 9.78% | | | | | | 11.54% | | |
Adjusted return on average equity
|
| | | | 9.78% | | | | | | 9.71% | | |
Efficiency ratio | | | | | | | | | | | | | |
Noninterest expense
|
| | | $ | 59,605 | | | | | $ | 52,478 | | |
Net interest income
|
| | | | 72,364 | | | | | | 70,957 | | |
Noninterest income
|
| | | | 19,177 | | | | | | 15,754 | | |
Total net interest income and noninterest income
|
| | | | 91,541 | | | | | | 86,711 | | |
Adjustments: | | | | | | | | | | | | | |
Gain on sale of branch, net
|
| | | | — | | | | | | (5,509) | | |
Adjusted total net interest income and noninterest income
|
| | | | 91,541 | | | | | | 81,202 | | |
Efficiency ratio, as reported
|
| | | | 65.11% | | | | | | 60.52% | | |
Adjusted efficiency ratio
|
| | | | 65.11% | | | | | | 64.63% | | |
| | |
As of September 30, 2020
|
| |||||||||
| | |
Actual
|
| |
As adjusted(1)
|
| ||||||
| | |
(unaudited)
(in thousands, except per share data) |
| |||||||||
Cash and cash equivalents
|
| | | $ | 197,482 | | | | | $ | 433,982 | | |
Long-term debt: | | | | | | | | | | | | | |
Subordinated debentures, net
|
| | | $ | 15,827 | | | | | $ | 15,827 | | |
Total long-term debt
|
| | | | 15,827 | | | | | | 15,827 | | |
Shareholders’ equity: | | | | | | | | | | | | | |
Preferred stock, $0.01 par value per share, 10,000 shares authorized, no shares issued or outstanding at September 30, 2020 and as adjusted
|
| | | | — | | | | | | — | | |
Class A common stock, $0.01 par value per share, 125,000 shares authorized, 18,627 shares outstanding at September 30, 2020 and 22,595 shares outstanding as adjusted
|
| | | | 186 | | | | | | 226 | | |
Class B non-voting common stock, $0.01 par value per share, 25,000 shares authorized, 64 shares outstanding at September 30, 2020 and 64 shares outstanding as adjusted
|
| | | | 1 | | | | | | 1 | | |
Additional paid-in capital
|
| | | | 132,647 | | | | | | 369,107 | | |
Retained earnings
|
| | | | 109,229 | | | | | | 109,229 | | |
Accumulated other comprehensive income
|
| | | | 41,698 | | | | | | 41,698 | | |
Total shareholders’ equity
|
| | | | 283,761 | | | | | | 520,261 | | |
Total capitalization
|
| | | $ | 299,588 | | | | | $ | 536,088 | | |
Company capital ratios:(2) | | | | | | | | | | | | | |
Tier 1 leverage ratio
|
| | | | 10.36% | | | | | | 18.15% | | |
Common equity tier 1 capital ratio
|
| | | | 22.58% | | | | | | 44.65% | | |
Tier 1 capital to risk-weighted assets
|
| | | | 24.03% | | | | | | 46.10% | | |
Total Risk-based capital ratio
|
| | | | 24.68% | | | | | | 46.74% | | |
Total shareholders’ equity to total assets
|
| | | | 10.83% | | | | | | 18.21% | | |
Per Share: | | | | | | | | | | | | | |
Book value per share
|
| | | $ | 15.18 | | | | | $ | 22.96 | | |
Underwriters
|
| |
Number of Shares
|
| |||
Goldman Sachs & Co. LLC
|
| | | | 1,488,096 | | |
Keefe, Bruyette & Woods, Inc
|
| | | | 1,190,477 | | |
Canaccord Genuity LLC
|
| | | | 892,858 | | |
Compass Point Research & Trading, LLC
|
| | | | 198,412 | | |
Craig-Hallum Capital Group LLC
|
| | | | 198,412 | | |
Total
|
| | | | 3,968,255 | | |
| | |
No Exercise
|
| |
Full Exercise
|
| ||||||
Per Share
|
| | | $ | 3.15 | | | | | $ | 3.15 | | |
Total
|
| | | $ | 12,500,003 | | | | | $ | 14,375,003 | | |
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